Smith Salley & Associates lowered its position in SYSCO Co. (NYSE:SYY) by 11.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,026 shares of the company’s stock after selling 794 shares during the quarter. Smith Salley & Associates’ holdings in SYSCO were worth $377,000 at the end of the most recent quarter.
A number of other hedge funds have also recently modified their holdings of SYY. Financial Counselors Inc. grew its position in SYSCO by 1.8% in the 4th quarter. Financial Counselors Inc. now owns 8,904 shares of the company’s stock worth $558,000 after purchasing an additional 161 shares during the last quarter. Northwest Quadrant Wealth Management LLC grew its position in SYSCO by 4.3% in the 4th quarter. Northwest Quadrant Wealth Management LLC now owns 5,225 shares of the company’s stock worth $325,000 after purchasing an additional 216 shares during the last quarter. Davis R M Inc. boosted its holdings in shares of SYSCO by 4.9% in the fourth quarter. Davis R M Inc. now owns 4,775 shares of the company’s stock valued at $299,000 after acquiring an additional 225 shares in the last quarter. Security National Trust Co. boosted its holdings in shares of SYSCO by 11.9% in the fourth quarter. Security National Trust Co. now owns 2,350 shares of the company’s stock valued at $147,000 after acquiring an additional 250 shares in the last quarter. Finally, Ironvine Capital Partners LLC boosted its holdings in shares of SYSCO by 1.1% in the fourth quarter. Ironvine Capital Partners LLC now owns 25,150 shares of the company’s stock valued at $1,566,000 after acquiring an additional 283 shares in the last quarter. Hedge funds and other institutional investors own 80.93% of the company’s stock.
In related news, Director Richard G. Tilghman sold 5,000 shares of the company’s stock in a transaction that occurred on Thursday, November 15th. The shares were sold at an average price of $66.17, for a total value of $330,850.00. Following the completion of the sale, the director now owns 7,055 shares in the company, valued at approximately $466,829.35. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Trian Fund Management, L.P. sold 2,215,532 shares of the company’s stock in a transaction that occurred on Tuesday, November 20th. The shares were sold at an average price of $66.45, for a total transaction of $147,222,101.40. Following the completion of the sale, the director now owns 7,055 shares of the company’s stock, valued at approximately $468,804.75. The disclosure for this sale can be found here. In the last 90 days, insiders sold 3,827,484 shares of company stock valued at $254,213,821. 7.88% of the stock is owned by insiders.
SYSCO (NYSE:SYY) last released its earnings results on Monday, February 4th. The company reported $0.75 EPS for the quarter, beating the consensus estimate of $0.72 by $0.03. SYSCO had a net margin of 2.48% and a return on equity of 71.45%. The business had revenue of $14.80 billion during the quarter, compared to analyst estimates of $14.75 billion. During the same period in the prior year, the business earned $0.78 earnings per share. The business’s quarterly revenue was up 2.8% on a year-over-year basis. Equities analysts predict that SYSCO Co. will post 3.4 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, January 25th. Investors of record on Friday, January 4th were given a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 2.35%. The ex-dividend date was Thursday, January 3rd. This is an increase from SYSCO’s previous quarterly dividend of $0.36. SYSCO’s dividend payout ratio is 49.68%.
Several research firms have recently issued reports on SYY. Zacks Investment Research upgraded shares of SYSCO from a “sell” rating to a “hold” rating in a report on Wednesday, February 6th. Loop Capital set a $75.00 price objective on shares of SYSCO and gave the company a “buy” rating in a report on Tuesday, February 5th. Pivotal Research reiterated a “sell” rating and issued a $54.00 price objective on shares of SYSCO in a report on Friday, February 1st. Finally, Bank of America cut shares of SYSCO from a “buy” rating to a “neutral” rating and set a $68.00 price objective for the company. in a report on Wednesday, January 16th. One analyst has rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $72.92.
Sysco Corporation, through its subsidiaries, markets and distributes a range of food and related products primarily to the foodservice or food-away-from-home industry. It operates through three segments: U.S. Foodservice Operations, International Foodservice Operations, and SYGMA. The company distributes a line of frozen foods, such as meats, seafood, fully prepared entrees, fruits, vegetables, and desserts; a line of canned and dry foods; fresh meats and seafood; dairy products; beverage products; imported specialties; and fresh produce.
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